Here is an article about the program.
Basically it's a borrower assistance program that allows borrowers to possibly obtain a loan if they suffered an economic event such as a lost job.
I hope that answers your question!
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Crosscountry Mortgage Inc.
Phone: (855) 893-1177
Our bank does have a program for folks who may have had a short sale OR a foreclosure without any seasoning and 20% down. This program gives you another option to explore if you are looking to get back into a home quickly.
Below is my website if you would like to contact me for more information on either program.
Too often people wait until the 2-3 year period after a short sale or foreclosure to begin the process. If you really want to buy a home again, then you're aware (as last time) that you will want to make sure your credit is great, that you have the downpayment required, and that you have everything ready to be qualified.
It's never too early to start planning. Written goals are much more often accomplished.
Best of luck to you Shirleyb!
The question has been answered for the most part but I would like to answer it in as clear and concise an answer as I can.
The program was created to allow people that had a "financial event", either bankruptcy, foreclosure, or a short sale, that was caused by a reduction in income during the recession, to purchase a new home in as little as 12 months after the BK, foreclosure, or short sale transpired.
The most important guideline that must be met is the applicant must have suffered at least a 20% reduction in household income for AT LEAST SIX CONSECUTIVE MONTHS during the periods of 2007-2012. If you fit that description you may be a candidate.
It is true that many lenders are having trouble doing these, mostly because they are reading the guidelines more strictly than they have to (to protect themselves) and in doing so they have made it so it is nearly impossible for someone that meets the guidelines to document the fact that they do indeed qualify.
We are doing them and have already done quite a few. It is a little more of a hassle than getting a regular FHA loan documentation-wise but not nearly as hard as I have seen/heard it being elsewhere (i.e. nearly impossible).
I am doing a blog post on the program soon and will try to come back here once I have it done and post the link. But most of the basics can already be found in this thread.
Hope that helps. Give us a call if you have any further questions or if I can be of any assistance.
Because the program is so new, the learning curve is still high. Many lenders are not taking the product on and many lenders are not having success at getting the loans approved for their buyers. Some advice I've received from a lender who has actually closed a few of these transaction loans: If you are interested in applying for your loan through the program make sure you ask the mortgage banker whom you select to show you evidence of having closed them.
If you'd like to speak with a mortgage banker about the program (who has successfully closed these loan types) may I recommend Andrew Martinez. His contact info is below. Call him for a conversation.
Commercial Capital Funding
DBA Loan City Home Loans
9270 Madison Ave
Orangevale CA, 95662
Hope that helps!
Keisha Mathews, REALTORÂ®
CDPEÂ®, HRCÂ®, HAFAÂ® Certified
SAR Masters Club Member 2012
SAR Masters Club Steering Committee
Mathews & Co. Realty Group
@ Century 21 Landmark Network
(916) 370-1803 cell
I can take a look at your scenario and see if you might be eligible under the back to work exception. Feel free to email me or give me a call.
Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
Toll-free (855) 642-4762 | Fax (248) 945-4842 | Direct (248) 728-0078
Please check out the following link for a short video that I did a few weeks ago explaining the Back to Work program in more detail.
Please contact me with any additional questions.
Frank J. Verni
Broker / Realtor
DRE # 01390255